Author: David Indeje

The Nairobi Securities Exchange (NSE) has announced that the trading of Kenya Airways PLC shares will remain suspended for 12 more months, starting January 1, 2024.  This is the third extension of the suspension. KQ shares were initially suspended from trading on the NSE in July 2020 after Parliament began to review the National Management Aviation Bill 2020, which would lead to the establishment of Kenya Aviation Corporation.  “The extension of the suspension seeks to enable the company to complete its operational and corporate restructuring processes,” NSE said in a public notice dated January 2, 2024.  The latest suspension was approved by the…

Family Bank Kenya has announced a one-month extension of its Sh9.3 billion rights issue, which will now close on January 31, 2024.  The rights issue, launched in October 2023, allows existing shareholders to buy one new share for every two they own at a discounted price of Sh14.5 per share. The bank plans to use the funds raised from the rights issue to support its regional growth, IT upgrade, and new product development.  Family Bank, which started as a building society in 1984, operates 93 branches, 5,900 agents, and 144 ATMs in 32 counties.  “The bank’s strategic intent is to…

1000 students in Kenya will benefit from the Equity Group’s Wings to Fly scholarship program in 2024. The Wings to Fly scholarship program provides full secondary school scholarships for academically gifted yet needy students.  The program was open to 2023 KCPE candidates who are orphans or vulnerable adults. Beneficiaries are students who sat for their Kenya Certificate of Primary Education exam last year and got 350 marks and above. It received 56,000 applications, but only 1,000 students were selected. The group’s CEO, Dr. James Mwangi, encouraged the applicants to pursue their dreams and seize the opportunity to change their lives.  Dr…

Equity Group Holdings Plc has announced the completion of the merger of its two subsidiaries in Rwanda: Compagnie Générale De Banque (Cogebanque) Plc and Equity Bank Rwanda Plc. The merged entity, which will operate under the name Equity Bank Rwanda, will offer a wide range of banking products and services to individuals, small and medium enterprises, and corporations in Rwanda. The merger will enhance the efficiency, profitability, and resilience of EBR a, as well as create synergies and economies of scale.  It will also enable the bank to leverage its digital platforms and innovation capabilities to deliver superior customer experience…

In Kenya, Bolt Food had the most expensive order of 2023 at KES 89,000 and was the most frequent customer with over 500 orders. Distance was not an issue for customers who wanted their favourite meal, with the longest delivery of the year at 98 km. Bolt celebrated its 10th anniversary in 2023, reaching over 150 million customers in more than 500 cities across 45 countries. Bolt Rewind data reveals the global and local transport trends of its customers. Globally, Bolt ride-hailing customers preferred Friday and Saturday evenings, and most often travelled to and from airports and train stations. Bolt’s…

Kenya’s economic growth accelerated to 5.9 per cent in the third quarter of 2023, up from 4.3 per cent in the same period in 2022, according to the Kenya National Bureau of Statistics (KNBS).  This was the highest growth rate in six quarters, driven by a strong recovery in the agriculture sector, which expanded by 6.7 per cent after contracting by 1.3 per cent in Q3 2022.  The agriculture sector benefited from favourable weather conditions that prevailed in the first three quarters of 2023, leading to increased production and exports of fruits, vegetables, and tea. financial sector The financial sector…